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VOL. 124 | NO. 82 | Tuesday, April 28, 2009

Daily Digest

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Brewery Donates To Wolf River Conservancy

Ghost River Brewing has donated a portion of its proceeds to the Wolf River Conservancy, a nonprofit that works to protect the Wolf River and its ecosystem. The amount of the donation wasn’t immediately available.

Wolf River Conservancy CEO Steve Fleegal said the organization is appreciative of Ghost River Brewing’s corporate support of the conservancy.

“We are grateful that they recognize the importance of the conservancy’s mission and work with us in this innovative partnership to conserve and enhance the Wolf River and the Memphis Sands, the source of our public drinking water and the waters used to brew Ghost River beers.”

Ghost River Brewing took its name from a little-known section of the Wolf River in Fayette County and uses water from the Memphis Sands Aquifer to brew its beer, so the affiliation was natural.

The company had planned to donate to the conservancy since its inception in 2008. The brewery’s early success means it will begin brewing more beer for local bars and restaurants – and therefore will be donating more money to the conservancy, noted Ghost River Brewing founder and co-owner Chuck Skypeck.

“To meet our regional demand, we are preparing to add another brewing tank to our facility. This is great news for the growth of the brewery and to what we will be able to give back to the conservancy in the future,” Skypeck said in a statement.

Ghost River plans to support Wolf River Day on Sept. 12 with a series of fundraising events.

Longtown to Build In Wolf River Ranch

Longtown Co. LLC has bought two lots in Phase VII of Wolf River Ranch in Collierville and filed a pair of construction loans valued at nearly $700,000 through BankTennessee to build homes there.

Longtown acquired lots 350 and 377 of Riverwalk – a gated, 19-acre, 50-lot phase of Wolf River Ranch – from the subdivision’s developer, BCCTT LLC. The real properties will be known as 1642 Tartan Lane and 1666 De Haig Lane in Collierville’s 38017 ZIP code.

Longtown’s members are Samuel Stover and David Wilder; the company’s LLC papers filed with the Shelby County Register of Deeds show a Roseville, Tenn. address. This is Longtown’s first local real estate activity.

Charles Schadt Jr. signed the warranty deed as chief manager of BCCTT, a partnership comprised of Billy Perry, Schadt, Charlie McCrory, Terry Dan and Terry Pagliari.

Perry acknowledged the difficulty of today’s real estate market, but he said Wolf River Ranch has been a bright spot for the developers.

“We’re in the same quandary that everybody is in, in that the speed at which we’re selling is slow,” Perry said. “But there is a steady stream of buyers. In Riverwalk … we’ve actually averaged about two (home sales) a month for the last seven, eight months.”

Perry said some of the recent sales were from builders that needed to move inventory, while others were at regular prices, a pleasant surprise for the developers. He said 16 lots remain in Riverwalk, each of them priced around $90,000.

“It’s still slow, and obviously we need to have more activity,” Perry said. “But … we are getting is good, solid sales.”

Source: The Daily News Online & Chandler Reports

First Tennessee Gives Money Away

First Tennessee Bank, a subsidiary of Memphis-based First Horizon National Corp., has awarded $100,000 to a 23-year-old Rutledge, Tenn., woman as the winner of the bank’s Powering Your Dreams sweepstakes.

The contest, which coincided with the bank’s new Powering Your Dreams tagline, encouraged participants to write in with descriptions of personal dreams they’d like to see come true. Malerie Welch’s entry about her dream of traveling the world with her family was randomly selected from more than 10,000 entries.

Southwind Medical Earns Accreditation

The nuclear cardiology department of Southwind Medical Specialists has received accreditation from the Intersocietal Commission for the Accreditation of Nuclear Medicine Laboratories (ICANL).

The ICANL accreditation signifies that the facility has been reviewed by an independent agency that recognizes the laboratory’s commitment to quality testing for the diagnosis of heart disease.

Nuclear cardiology evaluates the heart at rest and during exercise using a small amount of radioisotope during a non-invasive procedure.

GTx Releases Bone Fracture Study

Nearly one in four men with prostate cancer being treated with androgen deprivation therapy suffered bone fractures or had critical bone loss, Memphis-based GTx Inc. reported Monday.

This incidence is for men who were given a placebo instead of 80 mg of toremifene as part of a Phase III clinical trial that GTx conducted.

The two-year double-blind randomized study was conducted with 1,389 patients at 150 clinical sites in the United States and Mexico. The drug demonstrated statistically significant reductions in bone fractures and bone loss, GTx said.

U.S. Newspaper Circulation Declines

Circulation declines at the nation’s newspapers are speeding up.

The Audit Bureau of Circulations said Monday that average daily circulation declined 7.1 percent in the October-March period from the same six-month span in 2007-2008. The latest figures represent data from 395 daily U.S. newspapers that reported in the current and year-ago periods.

The most recent drop was faster than the 4.6 percent fall recorded in the April-September period of 2008, and the 3.6 percent fall recorded in the October 2007-March 2008 span.

USA Today remains the No. 1 newspaper, though it suffered the steepest circulation drop in the publication’s history. It sank 7.5 percent to 2,113,725 after several periods with little change. The Gannett Co.-owned newspaper attributes the falloff mostly to a drop in hotel occupancy that stemmed from the economic decline and a December price increase for copies sold at newsstands.

The Wall Street Journal, the second-largest newspaper, was the only one in the top 25 to raise its daily circulation. It increased less than 1 percent to 2,082,189. The New York Times’ daily circulation fell 3.6 percent to 1,039,031, while the Los Angeles Times saw a drop of 6.6 percent to 723,181.

Other newspapers in the top 25 had daily circulation declines ranging from less than one-tenth of 1 percent at the Chicago Sun-Times to a drop of 20.6 percent at the New York Post.

Sunday circulation fell 5.4 percent in the latest period. This is based on data from 557 U.S. newspapers that reported in the current and year-ago periods.

The New York Times continues to be the top newspaper on Sunday – when USA Today and The Wall Street Journal do not publish – though circulation dropped 1.7 percent to 1,451,233. The Los Angeles Times remains second, with a decline of 7.5 percent to 1,019,388.

Two newspapers in the top 25 posted Sunday increases, but both gains were less than 1 percent. Sunday circulation rose to 516,562 at The Arizona Republic and hit 415,815 at the St. Louis Post-Dispatch.

Newspaper sales have been declining since the early 1990s, but the drop has accelerated in recent years. Circulation revenue has largely held up, though, because of price increases. The publications have been hurt more by drops in advertising sales, which represent the bulk of revenue at most newspapers.

PROPERTY SALES 62 288 2,619
MORTGAGES 52 197 1,783